Ethereum Technical Analysis: ETH/USD shows mid-term bearish sentiment

ETH/USD Daily Chart

• The hourly ETH/USD market found support at the 20-day simple moving average (SMA 20) curve.
• This Tuesday, the bulls managed to break past the $160 barrier as price went up from $157 to $164.75. In the early hours of Wednesday, it is trading for $165.20.
• The market is trading above the SMA 200 and SMA 50 curves.
• The signal line is converging with the MACD line showing decreasing bearish momentum.
• Immediate resistance lies at $169.25 which the bulls will want to take over to test the $170-level again.

ETH/USD 4-Hour Chart

• The 4-hour market is trending above the SMA 200, SMA 50, and SMA 20 curves. 
• The SMA 200 has crossed over with the SMA 50 and SMA 20 curves which are both bearish signs.
• The Ichimoku indicator’s upcoming red cloud shows future bearish sentiment.
• The Elliot wave’s seven consecutive bullish bars shows that current sentiment is bullish.

ETH/USD Hourly Chart

• The price was trending above the 20-day Bollinger band before it sneaked back in.
• The SMA 20 curve has crossed over the SMA 200 curve which is a bullish sign.
• The price has found support at the $164.85 line, where it is consolidating in a flag formation.
• The RSI curve is in the overbought zone.

Key Levels